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Halo 5 isn't the only sci-fi shooter coming to Xbox One. Titanfall is a new FPS featuring mechs, jetpacks, and more.

Microsoft and Respawn Entertainment have announced a new IP coming exclusively to the Xbox One, Xbox 360, and PC.

Titanfall is yet another first-person shooter headed to the next-generation console. Certainly between Call of Duty: Ghosts, Battlefield 4, Halo 5, and Titanfall we've seen our fair share of shooters at E3 so far.

The new IP was announced shortly after Microsoft revealed the cost for the Xbox One: $499 at its November launch.

Forbes' Dave Thier says this is a price point that "won’t play with casuals, especially not in year one." Microsoft, as we've seen, has a long ways to go to appeal to the hardcore gaming demographic---the sort of people likely to drop five hundred dollars on a console.

"If the Playstation 4 really is $400," writes Paul Tassi, "the way many have been predicting, that’s going to be a HUGE benefit for them."

Stay tuned for the Sony conference at 6 PM PST. I'll have the event streaming live here at Forbes.

So we saw some new IPs at the MSFT conference, and Titanfall certainly looks like it could hold its own---and may have even learned a thing or two from the free-to-play shooter Tribes: Ascend.

But even established exclusives like Halo 5 will have a hard time bringing in casuals at $499.

Even if Titanfall is incredible---and I admit, I'm having a hard time getting excited about a new first-person shooter; I was hoping it would at least be a third-person title---that price point is high.

For those who don't already know, Respawn Entertainment was founded by Jason West and Vince Zampella, the creators of Call of Duty, after a bitter split with Activision. It's interesting to see those guys head to Microsoft while Bungie, the once Microsoft-exclusive studio, heads into the arms of Activision---and then have both studios make brand new futuristic shooters.

Bungie's Destiny will strut its stuff later tonight at the Sony conference.

Take a look at Titanfall below. The game will also launch on Xbox 360 and PC---possibly making the Xbox One an even tougher sell.